Located between Cashel and Hereford Streets, The Terraces feature concrete staircases leading down to the Avon River's edge, and will eventually extend along the river from Christchurch Hospital to Manchester Street.

Mr Key officially opened the development today. The promenade was originally expected to be complete for the ICC Cricket World Cup in February last year.

The multi-million dollar project was the second to be completed under Ōtākaro, the new Crown-company established to deliver the city's key anchor projects in conjunction with Christchurch City Council.

Each of the panels will be located at sites relevant to their texts, so poems which refer to particular locations will appear in their vicinity and Ngāi Tahu texts will appear at culturally significant sites.

The promenade also incorporates 13 Ngā Whāriki Manaaki (stone weaving patterns), one of which Mr Key was shown today.